Dollar slightly lower ahead of ECB, BOE rate decisions

LisaTwaronite

SAN FRANCISCO (MarketWatch) -- The dollar was slightly lower Wednesday but remained in tight ranges against major counterparts as investors awaited policy decision by the European Central Bank and Bank of England. The ECB is widely expected to hold interest rates steady Thursday and maintain a hawkish tone, while the BoE is expected to cut its key lending rate by 25 basis points to 5%. Reduced foreign exchange market volatility is also "partly a result of narrower trading ranges in global equities as major economic data releases take a backseat to weaker than expected projections by the Federal Reserve and the International Monetary Fund," wrote Ashraf Laidi, chief foreign exchange strategist at CMC Markets U.S. The dollar was buying 102.34 yen, compared with 102.28 in London earlier Wednesday and 102.36 yen in late Tuesday's North American trading. The euro was at $1.5756, up from $1.5727 in London and $1.5731 late Tuesday. The pound was at $1.9727, up from $1.9695 in London. The dollar index, which tracks the U.S. unit against a basket of six major rivals, was at 72.143, down from 72.20 late Tuesday.

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